Reliance's EU exports in limbo as Russian crude rules sow confusion: Nomura
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Reliance Industries Ltd.'s refined product shipments to Europe face mounting uncertainty as confusion over sanctions compliance forces diversions and raises questions about the conglomerate's access to a key market. Two tankers carrying middle distillates from Reliance's Jamnagar facility have been diverted from Rotterdam to West Africa, according to Argus, citing tanker tracking data in a stark sign that Europe's Russian crude sanctions are creating immediate headaches for India's largest refiner. The confusion stems from murky European Union rules governing multi-production-line refineries like Reliance's massive Jamnagar complex, Nomura said in a note. While an EU FAQ document stipulates that single production-line refineries must wait 60 days after receiving Russian crude before loading products for export to the bloc, "there remains confusion around the treatment for a multiple-production-line refinery li...